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Yatsen, Execs Face Class-Action Lawsuit

MT Newswires ·  {{timeTz}}

01:17 AM EDT, 10/06/2022 (MT Newswires) -- Investors in Chinese cosmetics maker Yatsen Holding have sued the company and its executives over allegations of misleading investors about the health of its two brands.

Yatsen and its executives "misled investors into believing Yatsen's two largest and historically most significant brands, Perfect Diary and Little Ondine, were thriving," at the time of the company's IPO, shareholder rights law firm Robbins LLP said on Tuesday.

However, the complaint claimed that the two brands' sales were declining in the period leading up to the IPO and continued to decline throughout 2021.

Yatsen executives allegedly admitted the deteriorating business of the brands during the company's second-quarter earnings call last year.

The company raised $617 million from its IPO on the New York Stock Exchange in November 2020.

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